Posted on Monday, November 4, 2024

|

by Outside Contributor

|

0 Comments

|

Print

Washington, D.C. — As Vice President Harris continues to promise tax hikes for American families, workers, farmers, and small businesses, Ways and Means Tax Teams have heard repeatedly across the country that the Trump Tax Cuts cannot be allowed to expire – and now Chairman Jason Smith (MO-08) is releasing fact sheets with the key information Americans and their elected officials in Congress need to know regarding how devastating these increases will be for families in their state. 

Ways and Means Chairman Jason Smith (MO-08) released the following fact sheet with this statement:

“Families, small businesses, and farmers during more than 120 Tax Teams events in 20 states have made clear that they cannot afford a tax increase next year, which is what they’ll get if the Biden-Harris Administration carries out their agenda. Congressional Republicans are preparing to instead build on the success of the Trump Tax Cuts to not only prevent the Democrats’ planned $7 trillion tax increase, but also deliver real relief to workers, families, and businesses. The information provided in these documents shows exactly how devastating the expiration of this tax relief will be for families claiming the child tax credit, small businesses utilizing the 20 percent small business deduction, family farmers trying to pass the farming way of life from one generation to the next, and average families just trying to get by.”

Tax Hikes Looming for American Families and Workers on December 31, 2025:

• The United States is home to 207 million total taxpayers. 
• The average taxpayer would see a 22 percent tax hike if the Trump Tax Cuts expire.
• A family of four making $80,610, the median income in the United States, would see a $1,695 tax increase if the Trump Tax Cuts expire.
  • This is worth about nine weeks of groceries to a typical family of four. 

Impact on American Families and Workers by the Numbers:

• 40 million families would see their household’s Child Tax Credit cut in half.
• 90 percent of all taxpayers would see their Guaranteed Deduction slashed in half.
• 26 million small businesses would be hit with a 43.4 percent tax rate if the 199A Small Business Deduction expires.
• 7 million taxpayers would be impacted by the return of the Alternative Minimum Tax.
• 2 million family-owned farms would have their Death Tax Exemption slashed in half next year.

Ways and Means Tax Teams have traveled across the country – 20 states, 120 events – and at every stop, workers, families, and small businesses have warned about the dire consequences they would face if the Biden-Harris Administration moved forward with its plan to let the Trump Tax Cuts expire. 

The following one-pagers show the impact for families and workers in every state.

Reprinted with Permission from The United States House Committee on Ways & Means – By Chairman Jason Smith

The opinions expressed by columnists are their own and do not necessarily represent the views of AMAC or AMAC Action.